Developing Profitable Business Alliances

The old adage claims you'll find strength in numbers. In these tough economic times, it helps to have solid business alliances with which you can grow your business and solidify its standing.ï¿¿ When you partner with other businesses, you have access to a professional support group that helps you garner more referrals, access experts in other fields, and take you business to the next level. But before you align yourself with anyone, you should attend to the following three things:

1.Select organizations with compatible business objectives.Like any relationship, you should choose a business that is compatible with yours. If you were the CEO of a large firm then you would try to connect with leaders of organizations that complement your business's size and prestige.ï¿¿ If you are a contract worker with a handful of clients, then you would look to other small business owners or employees of like organizations.

It's also important to ensure that your business objectives are similar. For example, when you partner with an organization that values customer service, chances are you'll receive referrals from individuals who expect to be treated well.

2. Ensure the partnership is well balanced. Participating businesses should equally contribute to the alliance. All should be willing to commit to regular meetings and efforts that benefit all involved. Before agreeing to join an alliance, you must ensure that all parties are ready for the commitment and involvement required.

3. Determine your alliance goals. Once you've selected the participating businesses and verified the commitment of all parties, you can determine your alliance goals. What are you bringing to the table? Consider introductory services you could provide their clients at no cost. Consider those products and/or services that would benefit their clients while exposing them to your professional expertise.

You should also know, specifically, what you are looking for in return. Do you just want a list of referrals or would you prefer a glowing, personal endorsement from the potential partner? Unless you are specific in the terms of your alliance, one or more parties are likely to be disappointed with the relationship.

If you're looking to add an accountant to your alliance, consider our firm. We would love to provide you with a free consultation in which we suggest ways to improve your finances. Not only could our advice increase your profitability, but it could free up more time for you to do what your do best: manage your business. Call today at (909)212-7863!